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KARACHI: The insurance industry wants the removal of double taxation to ease administrative and financial burdens on the sector. It wants taxation on insurance to fall under federal jurisdiction to ensure uniformity and prevent double taxation on a provincial level. In an interview with Business Recorder on Wednesday, Chairman Insurance Association of Pakistan (IAP) Shoaib Javed Hussain said IAP has sent budget recommendations to the Federal Board of Revenue and the Ministry of Finance on rationalization of insurance taxations. Hussain was firm in saying that the elimination of overlapping tax jurisdictions between the federal government and provincial authorities would help…
Mexico will not take sides in the US-China tariff war and aims to boost agricultural exports to tackle its trade imbalance with China, according to Mexico’s top envoy to Beijing.Speaking at an event hosted by the Chongyang Institute for Financial Studies at Renmin University of China on Wednesday, ambassador Jesús Seade acknowledged the United States was Mexico’s top trade partner, but stressed Mexico’s commitment to maintaining strong ties with China.“There is no question that the US is our No 1 partner in business, in politics, in everything,” Seade said at the event in Beijing.“But that does not mean that we…
Hong Kong is in a prime position to be a global hub for “patient capital”, an investment strategy that takes a longer view and is driven by “purpose and impact”, as it continues to advocate for technology start-ups, Financial Secretary Paul Chan Mo-po said on Thursday.Patient capital plays a critical role in supporting innovation, though it carries higher risks because of extended time frames and uncertain outcomes, Chan said at the inaugural International Forum for Patient Capital hosted by the Hong Kong Investment Corp (HKIC), the government’s investment arm.“In Hong Kong, we understand the importance of patient capital in our…
The yen rose in Asian trade on Thursday on track for the eighth daily profit in a row against the dollar, hitting a two-week high on strong haven demand amid concerns about US financial stability. The rise also comes after bullish remarks by the Bank of Japan Deputy Governor this week, which boosted the odds of a BOJ rate hike this year. The Price The USD/JPY price fell 0.35% today to 143.14 yen per dollar, the lowest since May 7, with a session-high at 144.40. The yen rose 0.6% on Wednesday against the dollar, marking the…
The government is likely to continue fiscal consolidation in the upcoming budget and is expected to closely align with International Monetary Fund (IMF) guidelines, as the government remains committed to sustaining a primary budget surplus for the third consecutive year, a brokerage house said on Thursday. “We expect this budget to continue fiscal consolidation, focus on IMF guidelines and bring untaxed/low tax areas in the tax net,” said Topline Securities, in its report titled Pakistan Federal Budget FY26 Preview. “Furthermore, we believe, this Budget FY26 hold high importance from a policy point of view as various additional legislative engagements are…
Pop Mart International, the Chinese toymaker that thrives on a stable of trendy characters, eclipsed HK$300 billion (US$38.3 billion) in market capitalisation on Thursday, putting it in elite company on the Hong Kong stock market.Shares of the Beijing-based firm rose by as much as 6 per cent to a record HK$229, making Pop Mart the 27th most valuable Hong Kong-listed company, according to Bloomberg data. Tencent Holdings, valued at HK$4.8 trillion, was the biggest, followed by Agricultural Bank of China at HK$2.1 trillion. Pop Mart ended the day up 3.3 per cent at HK$223.20, for a value of HK$299.7 billion.Pop…
Pop Mart International, the Chinese toymaker that thrives on a stable of trendy characters, eclipsed HK$300 billion (US$38.3 billion) in market capitalisation on Thursday, putting it in elite company on the Hong Kong stock market.Shares of the Beijing-based firm rose by as much as 6 per cent to a record HK$229, making Pop Mart the 27th most valuable Hong Kong-listed company, according to Bloomberg data. Tencent Holdings, valued at HK$4.8 trillion, was the biggest, followed by Agricultural Bank of China at HK$2.1 trillion. Pop Mart ended the day up 3.3 per cent at HK$223.20, for a value of HK$299.7 billion.Pop…
A documentary depicting how the Chinese air force played catch-up to develop its J-10 fighter jet has aired on state broadcaster CCTV, days after China confirmed its variant J-10C shot down Indian planes in the recent conflict with Pakistan.The J-10, a single-engine, multirole combat aircraft, entered service in the Chinese air force in 2003. The J-10C is the most upgraded version of the series, equipped with a better engine and more advanced active electronically scanned array (AESA) radar. It can launch PL-15 missiles and is described as a 4.5-generation fighter.The two-part series Legend of the J-10 started showing on Wednesday…
Russia and Ukraine have scheduled no further direct talks on ending their more than three-year war, a Kremlin spokesman said Thursday, almost a week after the first face-to-face engagement between the countries’ delegations since 2022 and days after U.S. President Donald Trump announced they would start ceasefire negotiations “immediately.”“There is no concrete agreement about the next meetings,” Kremlin spokesman Dmitry Peskov told reporters. “They are yet to be agreed upon.”During two hours of talks in Istanbul last Friday, Kyiv and Moscow agreed to exchange 1,000 prisoners of war each, in what would be their biggest such swap. Apart from that…
The yen rose in Asian trade on Thursday on track for the eighth daily profit in a row against the dollar, hitting a two-week high on strong haven demand amid concerns about US financial stability. The rise also comes after bullish remarks by the Bank of Japan Deputy Governor this week, which boosted the odds of a BOJ rate hike this year. The Price The USD/JPY price fell 0.35% today to 143.14 yen per dollar, the lowest since May 7, with a session-high at 144.40. The yen rose 0.6% on Wednesday against the dollar, marking the…